The Greatest Wealth Transfer IN HISTORY Is Here
Published: 2023-05-19
Status:
Available
|
Analyzed
Published: 2023-05-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Baby Boomers (born 1946-1964) are reaching ages where they will begin passing on significant wealth to their children.
"the youngest of the 73 million baby boomers that's people born between 1946 and 1964 are turning 60. the oldest of which are turning 80 and they are set to pass on their wealth to their children"
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Millennials are expected to be able to improve their financial standing and life quality in the coming years.
"Millennials will hopefully create a ladder where they can climb to the top and enjoy a better life"
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Purchasing a home around 1983 in the US would have resulted in substantial financial gains due to a 500% increase in average home values by 2023.
"if you were lucky enough to be born to a middle-class family here in the U.S that was in a position to buy a house somewhere around 1983 you would have made a lot of money and you didn't have to be a particularly good house picker because the average home here in the US grew by 500 percent since that time frame"
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Investing in the stock market (specifically index funds) around 1983 would have yielded approximately 2800% growth, outperforming inflation.
"if you got into it around 1983 your portfolio would have grown roughly 2 800 percent"
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The top 10% of households are projected to be the primary recipients and givers of wealth during the upcoming intergenerational transfer.
"the wealthiest 10 percent of households will be giving and receiving a majority of the riches within that range"
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Individuals with over $20 million in liquid assets (ultra-high net worth) are expected to inherit 42% of all wealth transfers over the next 20 years.
"they'll inherit 42 of all the transfers for the next 20 or so years"
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The federal estate tax exemption has increased nearly 20-fold, from $675,000 in 2001 to $26 million (as mentioned earlier in the transcript) over approximately 20-30 years.
"this federal estate exemption tax in 2001 was only 675,000 so in the span of 20 years or so which is considered to be about a generation 20 to 30 years worth that number has almost 20 x"
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The upcoming wealth transfer is expected to benefit Millennials, leading to an increase in their overall share of wealth in the coming decades.
"the effect of the wealth transfer will be good for Millennials which stand to increase their share of the wealth over the coming decades"
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Bernie Sanders has proposed a 100% tax rate on annual income exceeding $1 billion for billionaires.
"someone like Bernie Sanders is wanting to tax the billionaires at a 100 percent tax rate for those making over a billion dollars a year"
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Removing tax breaks and havens for the wealthy could lead to capital flight, negatively impacting the middle class.
"the argument is to not have those would cause what's called a flight of capital meaning the wealthy would hide their money somewhere else around the world which would ultimately hurt the middle class"
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A survey of individuals aged 55 and older indicated that 94% define a life well-lived by having loving friends and family.
"94 said having friends and family that love me is that definition"
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The majority of surveyed individuals (55+) wish to be remembered for shared memories with loved ones, not for the wealth they accumulated.
"the majority said they wanted to be remembered for the Memories they've shared with loved ones virtually none of them wanted to be remembered for the amount of money they accumulated and left behind"
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Despite initial discomfort and the perception of a rigged system, the speaker found success by investing in the stock market.
"I started to invest in the stock market and it didn't make me feel comfortable felt like a rigged game for the rich but I did it anyway and somehow kind of worked"
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